1. QiAi QuestsHome
  2. Crypto & Markets

Token approval vulnerability exploited in SwapX and Proxy resulting in loss of $700000

• Crypto & Markets • 67 views

On March 6, PeckShield monitoring showed that two attackers continuously exploited the token approval vulnerability of SwapX and Proxy, and seized about $70000…

Token approval vulnerability exploited in SwapX and Proxy resulting in loss of $700000

On March 6, PeckShield monitoring showed that two attackers continuously exploited the token approval vulnerability of SwapX and Proxy, and seized about $700000 in the past five days. If the user has been authorized, please revoke it in time.

PeckShield: Attackers have made a profit of about $700000 by taking advantage of SwapX and Proxy vulnerabilities

Interpretation of the news:


The message above informs about an important vulnerability in two decentralized exchanges—SwapX and Proxy, leading to the exploitation by attackers and loss of nearly $700000. The message that comes from PeckShield monitoring highlights the high-tech vulnerability that attackers continuously exploit, commonly known as the token approval vulnerability.

Token approval vulnerability is a common type of vulnerability that attackers exploit in smart contracts. It occurs when the contract approves any token without a review of the user’s approval for a single token or all tokens in the smart contract. In SwapX and Proxy, this vulnerability has enabled the attackers to exploit the system continuously leading to a significant loss of funds.

The message cautions users to take action to revoke their authorization if their account has been authorized. This advisory serves as a wake-up call for developers to close up possible vulnerabilities in their system. Failure to deal with the vulnerability issues of smart contracts has resulted in numerous losses of funds, leading to questioning of the capabilities of the crypto world to ensure the security of users’ assets.

Exposing vulnerabilities can result in a loss of trust and faith in the crypto community. It is essential for all smart contract developers to assess the security of their systems routinely. For users, it is essential to check regularly for updates that address any security issues reported by the provider.

In conclusion, the message highlights the importance of cybersecurity in the crypto world. Threats are ever-evolving, and as such, continuous monitoring of systems is required. Vulnerabilities such as the token approval vulnerability must be identified and addressed promptly to prevent attackers from exploiting systems and stealing funds. It is recommended for users to remain vigilant and always take necessary precautions.

This article and pictures are from the Internet and do not represent qiAiAi's position. If you infringe, please contact us to delete:https://www.qiaiai.com/crypto/5411.html

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Like (0)
Previous 03/06/2023 07:36
Next 03/06/2023 07:51

Related recommendations